Reference no: EM133133213

Questions -

Q1. Alder, Benson and Carl are capitalist partners and Denver, an industrial partner. The partnership reported a net loss of P100,000. How much is the share of Denver in the reported net loss?

A. 0

B. 10,000

C. 25,000

D. 100,000

Q2. If a new partner acquires a partnership interest directly from the partners rather than from the partnership itself,

A. No entry is required.

B. The partnership assets should be revalued.

C. The existing partners' capital accounts should be reduced, and the new partner's account increased.

D. The partnership has undergone a quasi reorganization

Q3. Which of the following results in dissolution of a partnership?

A. The contribution of additional assets to the partnership by an existing partner.

B. The receipt of a draw by an existing partner.

C. The winding up of the partnership and the distribution of remaining assets to the partners.

D. The withdrawal of a partner from a partnership

Q4. When a new partner is admitted to a partnership, an original partner's capital account may be adjusted for

A. A proportionate share of the incoming partner's investment.

B. His or her share of previously unrecorded intangible assets traceable to the original partners.

C. His or her share of previously unrecorded intangible assets traceable to the incoming partner.

D. None of the above.